You are here
Vallianz Holdings defers distribution for US$22.5m perpetual securities
OFFSHORE support-vessel owner and operator Vallianz Holdings said it will exercise its rights to defer a distribution to perpetual securities holders that was due on Monday.
Vallianz had issued US$22.5 million worth of senior perpetual securities, carrying a 4 per cent coupon, as part of its S$500 million multi-currency debt-issuance programme.
In a bourse filing on Monday, the company said this had been on the basis that in the preceding 12 months, there was no dividend distribution or other payment that has been paid or declared by the company.
In addition, none of the company’s junior obligations should have been redeemed, reduced, cancelled, bought back or acquired by the company.
In 2018, Vallianz too exercised its rights to defer the payment of distributions for its US$22.5 million 4 per cent senior perpetual securities.
Vallianz shares closed flat on Monday at six Singapore cents.